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《大行報告》花旗上調長建(01038.HK)目標價至51元 評級「買入」
阿思達克 03-18 10:39
花旗發表研究報告指,長建(01038.HK)去年純利跌30%至73.2億元,遜預期12%,主因英國遞延稅虧損、英國鐵路和澳洲能源業務計入較高的攤銷數字、疫情影響。剔除疫情和非現金項目影響,純利跌7%,若進一步剔除匯率影響,純利跌幅少於5%。派息比率增25.9個百分點至84.9%。

該行指,公司派息自1996年上市以來每年均有提升,管理層亦希望保持有關傳統。剔除一次性項目,派息比率為75%,未來亦有提升空間。若英國稅率於2023年4月1日起由19%升至25%,公司將錄42億元之遞延稅務虧損,相等於今年預期盈利的51%,不過屬非現金項目,故不影響派息。

該行又指,公司純利有39%來自英國,26%來自澳洲,20%來自其他歐洲地區,去年英鎊、澳元及歐元分別兌港元分別升值8.3%、12.1%及3.8%。重申長建「買入」評級,受惠外幣升值,目標價升4%至51元。

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